Outlet Mall REIT Inks 500,000-SF Deal with Tulalip Tribes

TULALIP, WA-The New Jersey-based outlet mall REIT Chelsea Property Group will develop a 500,000-sf outlet mall at the Tulalip Tribes’ 495-acre business park, Quil Ceda Village, where the 227,000-sf Tulalip Casino opened this past summer.

Chelsea inked a 75-year ground lease that will pay the tribe about $1.2 million annually. The deal was completed last week. Construction is expected to begin this spring. The upscale outlet mall is slated to open one year later with more than 100 stores.

New Jersey-based Chelsea Property Group owns 19 outlet malls in the US that house high-end retailers like Burberry, Coach and Gucci. The Tulalip project will Chelsea’s first outlet mall on the West Coast.